Website puts county among top potential municipal bankruptcies

Published: Thursday, August 8, 2013 at 10:23 AM.

Moore warns about pension fund responsibilities in major cities such as Chicago and several California cities and said many cities and counties have similar long-term intractable financial issues similar to Detroit, such as obligations to retired workers for health care and pensions.

He also writes that states and the federal government are unlikely to be of much help in bailing out troubled cities and counties.

Moore blames much of this on 20 years of governance in major cities that has included high taxes on the rich; super-minimum wage rules; failing schools with little competition or productivity; strict gun-control laws he argues leads to higher crime rates; crony capitalism; and regulations onerous to businesses and private development.

In Gulf County, several factors are noted by Moore.

Fitch Ratings, an international financial rating service, warned that Gulf County’s predominately rural economy is “narrowly focused” without a broad base.

Income levels in the county are one-quarter below national averages. Economic indicators for the county also compare unfavorably to national averages, Moore writes.

Gulf County is not alone in the neighborhood.

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